PT Cikarang Listrindo, an Indonesian power producer, is planning an initial public offering next year, people with knowledge of the matter said.
The share sale may seek $300 million to $500 million, according to the people. The company is working with UBS Group AG and Citigroup Inc. on the offering, the people said, asking not to be identified as the information is private.
Indonesia plans to build more power plants and lift spending on infrastructure next year to revitalize an economy growing at the slowest pace since 2009. A share sale from Cikarang Listrindo would be the nation’s first IPO by a power producer, data compiled by Bloomberg show.